THE RURBAN FRINGE

Tap Into Post-Retirement Entrepreneurship

Posted on | October 27, 2009 | No Comments

Did you know … about 950,000 Canadians want to start a business within a year of of retirement, according to recent research done by the RBC Financial Group.

Statistics Canada studies also show a growing interest in post-retirement entrepreneurship:

  • In the next decade, small business firms in Canada are expected to increase by 10 to 20%, with many started as a retirement business by older people (age 55 and up);
  • Self-employment is growing fastest amoung older people and young people; and
  • Canadians starting retirement businesses account for more than 25% of self-employed people in Canada – and nearly a third of the total workforce.

In many cases, retirees are seeking enjoyable or personally rewarding work, rather than high pay or status. 

That trend has gained so much attention that a new term has been coined – zenployment – defined as a job that brings you a lot of fun or personal satisfaction, instead of higher pay or stress. 

Don’t believe the hype?  Here are more numbers:

  • Nearly 60% of baby boomers between age 50 and 59 want a ‘feel good’ job in retirement, according to a Metropolitan Life Insurance Company survey;
  • About 70% of women and 50% of men want a job that gives them purpose; and
  • Nearly 60% of women and men said they would like a ‘feel good’ job in the public-service or not-for-profit sectors.

Surveys in the US suggest that the majority of retirees who start a small business after retirement find zenployment.  For instance, a poll by Information Strategies of 1,000 post-retirement business owners (average age 66) found the following:

  • Nearly 60% said they enjoyed their new career;
  • Nearly 70% said they were working harder than expected; and
  • Under 20% reported losing money from starting a business.

Starting a business in retirement, however, is not for everyone. 

But municipalities can support those that do take the plunge by helping them to acquire resources or update skills, suggest possible matches between opportunities and interests, and coordinate with other local businesses and organizations to encourage success. 

Sources:  Baby Boomers Planning for Retirement, Statistics Canada, AUMA

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